It seems that for as quick as the seven basketball-only schools of the Big East broke away from the conference, the formation of their new league may be even quicker.

According to a report Thursday evening by ESPN.com, the so-called "Catholic 7" conference -- made up of a coalition of Seton Hall, Villanova, Georgetown, Marquette, St. John's, Providence and DePaul -- will begin play for the 2013-14 season. The report, which cited anonymous sources, stated that Xavier and Butler -- both members of the Atlantic 10 Conference -- will join for next season.

It also says that the departing schools will pay to keep the "Big East" name, as well.

Part of the reason for the accelerated timetable for forming the league is because of the expected television deal with Fox Sports. The network is planning to announce the debut of its new sports television network -- Fox Sports 1 -- will be made on Tuesday in New York City and the network wants to be able to debut the new league as part of its television broadcast package.

The league's contract with Fox is expected to be valued at somewhere between $3-4 million per year per team.